NEWS
How IOCs Connive Against Dangote Refinery, Nigeria’s Economy
The reluctance of International Oil Companies (IOCs) operating in Nigeria to shift from exporting Nigeria’s crude to supplying the newly inaugurated 650,000-barrel-capacity Dangote Refinery has been identified as capable of major economic impact.
The connivance of the IOCs came to the fore when the President of the Dangote Group, Alh Alike Dangote spoke to the CNN recently.
In the interview, Alh Dangote pointed out that the IOCs in Nigeria were demonstrating reluctance to sell crude oil to the Dangote Refinery.
He observed that IOCs might have become accustomed to exporting crude for foreign exchange, an operational standard they were reluctant to tamper with.
Alh Dangote pointed out that the new refinery had been dependent on the Nigerian National Petroleum Company Limited (NNPC Ltd) for it supply of crude, since the IOCs prefer to be exporting.
He said, “The NNPC is doing its best, but some of the IOCs, they are struggling to give us crude, everybody is used to exporting and nobody wants to stop exporting.”
The industrialist decried that Africa was not witnessing the desired economic growth because of exportation of raw materials and importation of the same as finished goods.
“Africa is not going the way it should because we export raw materials and import finished goods. It doesn’t matter what it is, even if it is gold or whatever, raw material is always priced at a ridiculous amount compared to finished goods,” Dangote pointed out.
In his opinion, those benefitting from importation of refined products would not want the refinery to succeed.
Drawing attention to the capacity of the Dangote Refinery, he disclosed that it would take about 21 million barrels of crude oil from Nigeria every month. He explained with Dangote Refinery operating at full capacity, that 21 ships of crude would no longer import or export oil into Africa.
He clarified that, “Almost 21 ships will no longer leave the African continent, either from Nigeria or Angola, we will be able to take those crudes and be able to refine and distribute the product. I feel very proud as an African that we have been able to demonstrate that it can be done, and we’ve done it.
“If we take all the crudes from Nigeria, it means we will take 21 million barrels per month and that will also help in terms of reducing the C02 emissions.
“Rather than ships coming from Europe to bring in products, or the ships going out of Nigeria, 21 ships going out of Nigeria every month, and then you have the product coming into Nigeria. In totality, when you calculate, you are talking about 480 ships of 1 million barrels.”
Recall that in April, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), issued a new policy requiring oil producers to priotitise sale of crude to domestic refineries before attending to foreign demands.
However, The PUNCH reports that “It appears the IOCs are not obeying this directive.”
In what appears to be a confirmation that the IOCs are actually conniving against the Dangote Refinery, the spokesperson for the NUPRC, Olaide Shonola, said the commission was intervening to ensure the local sale of crude to Dangote and other refineries in the country.
According to Shonola “We’ve been intervening and intervening. I am sure you’re aware of a recent meeting that was held with them on domestic crude oil supply. We will keep engaging them, NUPRC has been doing that.
“I can’t say we will force them, but as the regulator, we can mandate. And that’s what we are doing, giving clear directives that this must be done. We will just keep on engaging and you will agree with me that most of these things have to be planned. We will keep on engaging. We will do our regulatory function in that area.”
It is not clear if the regulatory authorities are contemplating sanctions against the erring IOCs.
The Transmission Company of Nigeria (TCN) has restored bulk power supply to its Katampe 330kV Transmission Substation in Abuja following an earlier disruption caused by a fault on the Shiroro–Katampe 330kV Line 1.
The development was disclosed in a statement released by TCN management on Friday, October 9, 2026.
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According to the statement, bulk power supply was restored to the Katampe substation at 4:15 p.m. through the Gwagwalada–Katampe 330kV Line 1.
TCN explained that the Shiroro–Katampe 330kV Line 1 remains out of service due to a fault, necessitating the use of the Gwagwalada–Katampe line to restore supply to the substation.
The company also announced the suspension of planned maintenance work on the Gwagwalada–Katampe 330kV Line 1 to enable the line to continue supplying the Katampe substation.
The suspended maintenance work involved replacing defective line isolators and the associated earthing switch.
TCN apologised to electricity consumers in the affected areas for any inconvenience caused by the disruption and maintenance arrangements.
The Federal Government has warned politicians against making promises that could reverse Nigeria’s economic reforms, insisting that it will not restore fuel subsidy amid renewed debate over the Nigerian National Petroleum Company Limited’s (NNPC) petrol discount.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this during an interview on Channels Television on Friday, saying the government would not bring back subsidies on petroleum products.
“This government is not bringing back subsidy on fuel products. We need to be clear,” Oyedele said.
ALSO READ: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits
The minister also criticised politicians who, according to him, make promises to win elections without fully considering the implications of implementing them.
He suggested that some politicians make sweeping promises during election campaigns only to offer excuses when confronted with the realities of governance.
“I think I would pardon people who say all manner of things because they want to get elected. It’s almost like ‘whatever I need to say, when I get there, I’ll give excuses.’ But we have the data,” he said.
Oyedele added that he felt a personal responsibility not to remain silent about the economic realities known to the government or allow populist positions to push Nigeria in the wrong direction.
“I feel the personal responsibility that I cannot see what I see and keep quiet, or populism to move our country in the wrong direction,” he said.
NNPC Petrol Discount Sparks Fresh Subsidy Debate
The minister’s remarks come amid renewed debate over fuel subsidy following the Federal Government’s announcement of a 30-day petrol discount at NNPC retail stations.
The initiative was introduced as a temporary measure to provide relief to Nigerians amid elevated global crude oil prices and concerns about the cost of petroleum products.
NNPC Retail had also announced a N66-per-litre petrol discount to mark Nigeria’s 66th Independence Anniversary, with the offer scheduled to run until October 31, 2026, across its retail stations nationwide.
The company maintained that the discount was a customer-relief initiative and did not represent a return to the petroleum subsidy regime.
The distinction has become central to the debate, with the government insisting that temporary price relief at NNPC stations does not amount to restoring the subsidy policy abolished in May 2023.
The administration has maintained that the current arrangement differs from the former subsidy system, under which the government intervened to cover part of the cost of petrol.
FG Defends Economic Reforms
During the interview, Oyedele also referred to a World Bank update, saying the institution had acknowledged a reduction in poverty levels and increased spending on infrastructure, particularly roads.
He urged Nigerians not to reverse the progress he said had been made, arguing that the country was approaching a point where the benefits of ongoing reforms should begin to emerge.
The Kaduna State Universal Basic Education Board (SUBEB) has commenced a promotion exercise for 24,000 eligible staff as part of efforts to clear outstanding teachers’ promotions dating back to 2021.
The development was disclosed on Friday as the administration of Governor Uba Sani intensifies efforts to address promotion backlogs, recognise teachers’ years of service and improve staff welfare across the state.
The exercise covers outstanding promotions from 2021 to 2026 and is expected to provide eligible teachers and other staff with opportunities for career progression.
SEE ALSO: Kaduna Clears N18bn Pension Arrears, Raises Agric Funding to N100bn
According to the announcement, eligible personnel will undergo an assessment process, after which promotions will be implemented for those who successfully meet the requirements.
The initiative is part of efforts to strengthen the education sector by recognising the contributions of teachers and supporting their professional development.
The state government has emphasised the importance of investing in teachers, noting that a motivated and valued teaching workforce is essential to building a stronger education system.
The exercise is also expected to address long-standing staff concerns relating to career advancement within the state’s basic education sector.
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